It is only for the P/E that i can see the distinction. For the rest of the ratios, should we assume it is “leading” given we are doing forecasts ?

From my understanding

justified P/B : (ROE-g)/(r-g), no need to know if it is trailing or leading

justified P/S : (E0/S)*((1-b)(1+g)/(r-g)) <= this one is based on trailing as wou want to net the E0 out

justified P/E : simply the trailing PE (not sure about this one in fact )

P/B is leading.

Except that it’s trailing.

I wrote an article about justified ratios that may be of some help here: http://financialexamhelp123.com/justified-ratios-price-multiples/

Only leading P/E is leading; all others are trailing.

I thought that P/B = (ROE (1-b)) / (Ke - g) = ROE * leading P/E

Wouldn’t it make P/B a leading ratio?

Ah no, i just read your explanation, E1 = B0 * ROE, hence P0/B0 is indeed a trailing ratio. My bad.